Monday, August 20, 2018

Australian Regulator Says Removal of Commissions Would End Conflicts of Interest

Australia's corporate regulator, the Australian Securities and Investments Commission (ASIC), has thrown its weight behind the total removal of conflicted remuneration, including commissions, stating there can be no ambiguity in this area. In a recent speech...

FMA Asks Insurers to Prove Themselves

The FMA has released the letter it has sent to the chief executives of New Zealand’s licensed life insurers, asking them to prove themselves in a similar manner as they recently requested of the banking...

Poll

Advisers Support Royal Commission

More than half the Kiwi adviser community thinks a Royal Commission should be convened to investigate NZ's banking and financial services sector. This is the outcome so far in our latest poll, in which 55%...

FMA Report Driving ‘Important Conversation’ on Transparency Around Incentives – FSC

The Financial Services Council (FSC) has welcomed the FMA report on soft commissions (see: FMA Targets Soft Dollar Commissions), which has fuelled discussion on how incentives should be used in the life insurance industry. FSC...

FMA Raises Concern on Sales-Driven Soft Commissions

The FMA has raised concerns over soft-commissions linked to sales volumes. In its review into soft commissions offered by life and health insurers, the regulator found that, of all soft commissions, 42% required the adviser...

“New Zealand’s Insurance Law is Outdated” Says Minister

Public consultation on New Zealand’s insurance contract law has begun, Commerce and Consumer Affairs Minister, Kris Faafoi, has announced. The Minister said a key consideration of the review of insurance contract law in New Zealand...

Fidelity Life Releases Major Product Upgrade

Fidelity Life has revealed more than 40 product upgrades at its Auckland Roadshow, for its entire product range across its Life, Trauma, Total and Permanent Disability and Income Protection covers. Following feedback from advisers, particularly...

FMA Targets Soft Dollar Commissions

The Financial Markets Authority (FMA) has voiced its concern about the influence that soft commissions have on advisers’ behaviour, in a review into the structure of soft commissions from life and health insurers released...

Poll

Latest Poll – NZ Royal Commission?

As the fallout from the Australian Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry continues, we're checking to see whether you think a similar Royal Commission should take place in...

New CEO Outlines Priorities

The newly appointed chief executive for Financial Advice New Zealand was announced last week (see: New CEO Announced...). Former Member of Parliament, Katrina Shanks, will take on the role from 5 June and says she...